The country’s inflation rate further dropped in May, resuming its downward trend for the fourth consecutive month after soaring commodity prices hurt consumers last year.
Data from the Philippine Statistics Authority showed Tuesday that the inflation rate last month stood at 6.1%, slower than the 6.6% recorded in April.
During a briefing, National Statistician Dennis Mapa said last month’s inflation eased amid slower increases in prices of transport, food and non-alcoholic beverages, restaurants, and accommodation services.Mapa said the latest figure has pushed the average inflation rate from January to May to 7.5%.The rate of increases in prices in areas outside Metro Manila likewise slowed to 6% from 6.5% in April.
Asked if the massive oil spill contributed to faster inflation in Mimaropa provinces, Mapa said the elevated inflation was due to higher costs of transportation there.“It’s on the downward trend. However, may risks pa rin tayo . One is on the food items,” he said.
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